Seven-Day Bullish Streak Broken, Gold Price Drops by Rs 3,500 in Pakistan

The continuous upward momentum in gold prices came to a halt as 24 karat gold dropped by Rs 3,500 per tola. The drop followed a brief decline in international markets.

The ongoing upward trend in local and international bullion markets has come to an end. Over the preceding seven days, the price of gold per tola in Pakistan had surged by Rs 36,000.

According to data released by the All Pakistan Sarafa Gems and Jewelers Association, 24-karat gold fell by Rs 3,500 per tola today, settling at Rs 460,436.

Breakdown of Local and Global Rates

• 24-Karat Gold (Per Tola): Decreased by Rs 3,500 to close at Rs 460,436.
• 10-Gram Gold: Dropped by Rs 3,001 to settle at Rs 394,749.
• International Gold Market: Fell by $35 to trade at $4,380 per ounce.
• Silver Rates (Per Tola): Decreased by Rs 175 in the domestic market. It brought the rate to Rs 6,936 per tola.

The price reduction brings slight relief to buyers following a week of consecutive price hikes in the local bullion market.